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Does anyone know if the same 401k rules apply at EY as Accenture so they will cap the contributions coming for your check say if you hit the yearly limits in August? So if you hit the 22,500 in 23 there is no way to go over for tax issues. Thinking to frontload next year contributions if market is down. EY
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Chief
Correct total IRA limit is currently $6k, regardless of if it's tIRA or Roth IRA or a combo of both.
For a deductible traditional IRA, you claim it on your tax return.
If you're phased out of the being able to claim a deductions, you probably need to look into contributing to Roth or doing a backdoor conversion. Don't worry about this if you're within the limit for IRA deductions. And remember it is based on MAGI, not your straight up yearly income.
So C1 I can fund the account from my checking account and the tax document will take care of it. I will check with fidelity on that. I can take that deduction next year so I shouldn’t be phased out hopefully? I will check on MAGI no idea what that is.